Optimum Investment Advisors Takes $75,000 Position in Spotify (NYSE:SPOT)

Optimum Investment Advisors purchased a new stake in Spotify (NYSE:SPOT) in the fourth quarter, Holdings Channel.com reports. The firm purchased 500 shares of the company’s stock, valued at approximately $75,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Patriot Financial Group Insurance Agency LLC raised its position in shares of Spotify by 64.9% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 254 shares of the company’s stock worth $29,000 after acquiring an additional 100 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Spotify in the 3rd quarter valued at approximately $42,000. CNB Bank grew its position in shares of Spotify by 490.7% in the 3rd quarter. CNB Bank now owns 443 shares of the company’s stock valued at $51,000 after purchasing an additional 368 shares during the period. AdvisorNet Financial Inc increased its stake in Spotify by 191.5% during the 3rd quarter. AdvisorNet Financial Inc now owns 653 shares of the company’s stock worth $74,000 after purchasing an additional 429 shares in the last quarter. Finally, Quest Capital Management Inc. ADV bought a new stake in Spotify during the 3rd quarter worth approximately $74,000. 49.14% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE SPOT opened at $148.97 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50 day moving average price of $150.77 and a 200 day moving average price of $137.20. The stock has a market capitalization of $26.55 billion, a PE ratio of -270.85 and a beta of 1.91. Spotify has a 52 week low of $110.57 and a 52 week high of $161.38.

Spotify (NYSE:SPOT) last posted its quarterly earnings results on Monday, October 28th. The company reported $0.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.76. Spotify had a return on equity of 22.12% and a net margin of 7.32%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the firm earned $0.23 EPS. The business’s quarterly revenue was up 28.0% on a year-over-year basis. As a group, research analysts forecast that Spotify will post -1.35 EPS for the current year.

SPOT has been the topic of a number of research reports. Royal Bank of Canada lifted their price target on shares of Spotify from $185.00 to $195.00 and gave the company an “outperform” rating in a research note on Monday, October 28th. Rosenblatt Securities set a $184.00 price target on Spotify and gave the company a “buy” rating in a report on Sunday, September 29th. ValuEngine raised Spotify from a “hold” rating to a “buy” rating in a research report on Wednesday, January 15th. UBS Group decreased their price objective on Spotify from $185.00 to $180.00 and set a “buy” rating for the company in a report on Friday, January 17th. Finally, Evercore ISI lowered Spotify from an “in-line” rating to an “underperform” rating and set a $115.00 target price on the stock. in a research report on Monday, January 13th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Spotify currently has an average rating of “Hold” and an average target price of $157.89.

Spotify Company Profile

Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.

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Institutional Ownership by Quarter for Spotify (NYSE:SPOT)

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